輪證日報 |地產股反彈，恒大認購證漲150%
| 今日市場短評
恒指收盤上漲0.20%，報收26660.16點。內房股全線上漲。
| 窩輪（認股證）焦點
中國恒大（03333）恒大認購證（14964）到期日：2022年2月槓桿：2.99倍
地產股今日集體超跌反彈
中金：內房行業利空因素已充分釋放 或迎反彈行情中金發布研究報告稱，內房行業的政策收緊及利潤率走弱等利淡因素已充分釋放，第二批集中供地專案利潤率已出現企穩回升跡象，認為雖然短期仍有部分城市可能調控加碼，或有房企中期業績增展較弱，以及房企出現信貸事件等風險，但考慮到板塊估值及倉位均已達歷史新低，認為對內房板塊不宜繼續太悲觀，內房股或迎來一波反彈行情。
聯想集團（00992）聯想認購證（22875）到期日：2021年8月槓桿：7.14倍
野村：聯想集團維持買入評級 目標價升至10港元
野村發佈研究報告稱，維持聯想集團“買入”評級，目標價由8.2港元升至10港元，意味有36%的上行空間，估計公司今年第二季將有強勁表現，而第三季展望也強勁。
該行認為，公司股價自今年3月底以來已調整32%，同期恒指僅跌8%，認為是基於PC需求及公司A股上市時間表存在不確定性。不過該行認為現時股價存在利好，一方面企業PC需求穩健，而伺服器業務盈利能力有望轉正，其A股上市計畫也在正軌上。
野村指出，公司於企業PC市場覆蓋面較廣，占整體出貨量逾五成，令公司在消費者、教育PC需求轉弱方面所受影響較少，認為公司2022財年PC出貨量同比增長持平。而在流動及數據中心業務方面，透過不同業務策略盈利能力或有改善，認為公司在A股上市後，未來有機會出售流動業務，而在數據中心業務方面，則預計公司將受惠企業伺服器業務復蘇及產品組合改善。
| 牛熊證焦點
招商銀行（03968）
招行牛證（61243）到期日：2021年10月回收價：57槓桿：6.98倍
銀行股中報大幕即將拉開
市場普遍認為，由於今年以來宏觀經濟復蘇態勢明顯，有助於銀行業夯實經營基礎。預計今年銀行業盈利總體向好的態勢明顯，且資產品質總體保持穩定。亦有機構分析人士建議，投資者可以“優質股份行打底、重點城商行增強收益率”為策略配置資產。
銀行二季度淨息差或保持穩定
從目前銀行年中報發佈的預約時間來看，招商銀行、寧波銀行披露時間為8月14日，是今年最早披露年中報的上市銀行。按照每年慣例，銀行將在披露日期前一天晚上發佈中報資訊，即上述兩家銀行中報將在本週五晚出爐。六大國有銀行則將集中在8月底發佈年中報。
| 衍生品資金流入/流出
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